Yen Strengthens Sharply as Intervention Warning Rattles Market
The yen strengthened by more than 1 yen against the dollar in a short period late on September 18 after the Bank of Japan conducted a rate check, a step commonly taken in preparation for possible intervention in the foreign exchange market. (News On Japan)
Tokyo - The Japanese yen unexpectedly strengthened by more than 1 yen against the dollar in the late hours of September 18, following the Bank of Japan's "rate check" procedure. This surprise move occurred after the central bank's decision to raise interest rates for the first time in nearly three decades, despite the currency initially weakening.
The Bank of Japan's intervention was seen as a warning to market participants to curb further yen depreciation after the rate hike. Simultaneously, Japan faced a typhoon near the Ogasawara Islands and reported a black bear sighting near the popular Mount Takao hiking trail. Starbucks considered selling a majority share in its Japanese business, possibly worth as much as $3 billion.
Japan's Halloween Jumbo Lottery went on sale with a top prize of 400 million yen. A new top-tier "Supreme Class" service debuted on the Tokaido and Sanyo Shinkansen bullet trains.
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